The panel debate of entrepreneurs at the 25th anniversary conference of the Estonian Auditors’ Association

The panel debate of entrepreneurs at the 25th anniversary conference of the Estonian Auditors' Association was attended by Erkki Raasuke, member of the management board of LHV Group, Madis Jääger, chairman of the management board of Olympic Entertainment Group, Mait Palts, director general of the Chamber of Commerce and Industry, and Jaan Pillesaar, chairman of the management board of Helmes AS, who exchanged ideas about entrepreneurship and audit activities. The discussion was led by Veiko Hintsov, member of the management board of the Estonian Auditors' Association and managing partner of Deloitte Estonia.

The common position expressed at the forum was that auditors have a considerable role in ensuring the reliability and transparency of the economic environment, but everyone in the discussion also emphasised the importance of an auditor as an external financial adviser of a company.

Jaan Pillesaar: "By using its previous experience in working with the client, an auditor gives an evaluation of the situation prevailing in the company, and his or her own recommendations - the role of an auditor as an advisor is very important". Mait Palts: "I would like to see that more and more companies would voluntarily turn to an auditor as an advisor in the future - without the law or any other piece of legislation requiring them to do it". Madis Jääger: "Audit firms can provide practical value added to companies due to their financial as well as advisory competences".

In addition, it was pointed out during the discussion that Estonia would certainly need a bigger goal for moving forward. "No state can function without direction. If there is a good example, movement can be accelerated by many times. Leadership is needed, goals need to be set - whether at microeconomic or macroeconomic level," Erkki Raasuke stressed at the forum.

It was also admitted that excessive lawmaking has restricted the activities of entrepreneurs in Estonia and was a handicap to competitiveness. It was also concluded that lawmaking was clearly an area where braver thinking and innovation could be sanctioned due to the smallness of Estonia.